Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Designation of Longer Period for Commission Action on a Proposed Rule Change To Amend Rule 6.49A Concerning Off-Floor Position Transfers, 47627-47628 [2019-19459]

Download as PDF Federal Register / Vol. 84, No. 175 / Tuesday, September 10, 2019 / Notices investors because it will provide additional time to finalize development efforts. Specifically, the Commission believes that further time will allow the industry to complete implementation, ultimately allowing broker-dealers to provide customers with consistent, complete, and accurate 606(b)(3) reports, as described above.15 Accordingly, a broker-dealer engaged in self-routing activity is exempt until January 1, 2020 from the requirement to start collecting the data required by Rule 606(b)(3) for such activity. For customer requests that are made on or before February 15, 2020, a broker-dealer is exempt from the requirement to provide a report for self-routing activity covering January 2020 data until seven business days after February 15, 2020. Pursuant to this exemption, a broker-dealer has three additional months from the current compliance date to prepare to collect the data required by Rule 606(b)(3) for self-routing activity, and has extra time in February 2020 to prepare the first report relating to selfrouting activity for January 2020 data.16 While the Commission is not granting the specific relief requested by FIF/STA and is instead granting a shorter extension, the Commission believes that this new date should provide selfrouting broker-dealers with sufficient time to finalize their internal development efforts. khammond on DSKBBV9HB2PROD with NOTICES C. Rule 606(b)(3) for Broker-Dealers Engaged in Outsourced Routing Activity Finally, the Commission has determined that providing a temporary exemption from reporting obligations under Rule 606(b)(3) for not held orders for a broker-dealer engaged in outsourced routing activity is necessary or appropriate in the public interest, and is consistent with the protection of investors. This exemption will provide additional time to coordinate and finalize development efforts, including among third parties. As also is the case for broker-dealers engaged in self-routing activity, discussed above, the Commission believes that further time will allow the industry to complete implementation, 15 See FIF/STA Letter, supra note 2, at 9 (noting that compliance efforts continue with, e.g., options reporting and the capture of aggregated fee information for orders). 16 Under Rule 606(b)(3), if a customer requests a report on the first of the month for example, the broker-dealer is required to provide the report within seven business days of the customer’s request. Under the relief provided herein, however, if a customer requests a report of January 2020 data on February 1, 2020, the broker-dealer is not required to provide the report within seven business days of February 1, 2020; instead, the broker-dealer is required to provide the report within seven business days of February 15. VerDate Sep<11>2014 16:56 Sep 09, 2019 Jkt 247001 ultimately allowing broker-dealers to provide customers with consistent, complete, and accurate 606(b)(3) reports.17 Specifically, to comply with Rule 606(b)(3), broker-dealers may need to develop systems to pass the data required by Rule 606(b)(3) from an executing broker to an introducing broker. To the extent that any brokerdealers that handle outsourced routing activity require additional time to complete development of specific portions of their systems, e.g., the required XML schema and PDF renderer, the Commission believes that the six-month exemption it is granting today provides sufficient time to finalize that development. Further, the Commission believes that this additional time should permit brokerdealers that outsource their routing activity to third parties the additional time needed to finalize updating their routing arrangements with such parties. Accordingly, a broker-dealer engaged in outsourced routing activity is exempt from the requirement to start collecting the Rule 606(b)(3) data until April 1, 2020 for such activity. For customer requests that are made on or before May 15, 2020, a broker-dealer is exempt from the requirement to provide a Rule 606(b)(3) report for outsourced routing activity covering April 2020 data until seven business days after May 15, 2020. Pursuant to this exemption, a brokerdealer has six additional months from the current compliance date to prepare to collect the data required by Rule 606(b)(3) for outsourced routing activity, and has extra time in May 2020 to prepare the first report relating to outsourced routing activity for April 2020 data.18 Accordingly, it is ordered, pursuant to Rule 606(c) of Regulation NMS under the Exchange Act,19 that: (1) Broker-dealers are exempt from the requirement to comply with amended Rule 606(a) by the current compliance date of October 1, 2019 and instead must begin collecting amended Rule 606(a) data for the first quarter of 2020. The public report of first quarter 2020 data is required by April 30, 2020. (2) Broker-dealers engaged in selfrouting activity are exempt from the requirement to start collecting the data required by Rule 606(b)(3) until January 17 See FIF/STA Letter, supra note 2, at 9 (noting that compliance efforts continue with, e.g., options reporting and the capture of aggregated fee information for orders). 18 The Commission notes that FIF/STA did not request a specific alternative compliance date for the Rule 606(b)(3) reporting requirement for brokerdealers that outsource routing services. See FIF/ STA Letter, supra note 2, at 2. 19 17 CFR 242.606(c). PO 00000 Frm 00154 Fmt 4703 Sfmt 4703 47627 1, 2020 for such activity. For customer requests that are made on or before February 15, 2020, a broker-dealer is exempt from the requirement to provide a report for self-routing activity covering January 2020 data until seven business days after February 15, 2020. (3) Broker-dealers engaged in outsourced routing activity are exempt from the requirement to start collecting the Rule 606(b)(3) data until April 1, 2020 for such activity. For customer requests that are made on or before May 15, 2020, a broker-dealer is exempt from the requirement to provide a Rule 606(b)(3) report for outsourced routing activity covering April 2020 data until seven business days after May 15, 2020. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20 Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–19469 Filed 9–9–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–86861; File No. SR–CBOE– 2019–035] Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Designation of Longer Period for Commission Action on a Proposed Rule Change To Amend Rule 6.49A Concerning OffFloor Position Transfers September 4, 2019. On July 3, 2019, Cboe Exchange, Inc. (the ‘‘Exchange’’ or ‘‘Cboe Options’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposal to amend Rule 6.49A concerning off-floor position transfers. The proposed rule change was published for comment in the Federal Register on July 23, 2019.3 The Exchange submitted Amendment No. 1 to its filing on August 6, 2019.4 The 20 17 CFR 200.30–3(a)(69). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 86400 (July 17, 2019), 84 FR 35438. 4 In Amendment No. 1, the Exchange removed the proposed change to permit off-floor risk-weighted assets (‘‘RWA’’) transfers. The exchange then filed that material as a separate proposed rule change filing. See Securities Exchange Act Release No. 86603 (August 8, 2019), 84 FR 40460 (August 14, 2019) (SR–CBOE–2019–044). When the Exchange filed Amendment No. 1 to CBOE–2019–035, it also submitted the text of the amendment as a comment letter to the filing, which is available at https:// www.sec.gov/comments/sr-cboe-2019-035/ srcboe2019035-5917170-189047.pdf. 1 15 E:\FR\FM\10SEN1.SGM 10SEN1 47628 Federal Register / Vol. 84, No. 175 / Tuesday, September 10, 2019 / Notices Commission received one comment letter on the proposed rule change.5 Section 19(b)(2) of the Act 6 provides that, within 45 days of publication of the notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is September 6, 2019. The Commission hereby is extending the 45-day time period for Commission action on the proposed rule change. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change, including the comment letter received on the filing. Accordingly, pursuant to Section 19(b)(2) of the Act,7 the Commission designates October 21, 2019 as the date by which the Commission shall either approve, disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–CBOE–2019–035). Line Corporation, and Union Pacific Railroad Company) were found to be revenue adequate. DATES: This decision is effective on September 5, 2019. FOR FURTHER INFORMATION CONTACT: Pedro Ramirez, (202) 245–0333. Assistance for the hearing impaired is available through the Federal Relay Service at (800) 877–8339. SUPPLEMENTARY INFORMATION: Under 49 U.S.C 10704(a)(3), the Board is required to make an annual determination of railroad revenue adequacy. A railroad is considered revenue adequate under 49 U.S.C. 10704(a) if it achieves a rate of return on net investment (ROI) equal to at least the current cost of capital for the railroad industry. For 2018, this number was determined to be 12.22% in Railroad Cost of Capital—2018, EP 558 (Sub-No. 22) (STB served Aug. 6, 2019). The Board then applied this revenue adequacy standard to each Class I railroad. Three Class I carriers (CSX Transportation, Inc., Soo Line Corporation, and Union Pacific Railroad Company) were found to be revenue adequate for 2018. The decision in this proceeding is posted at www.stb.gov. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Jill M. Peterson, Assistant Secretary. BILLING CODE 4915–01–P [FR Doc. 2019–19459 Filed 9–9–19; 8:45 am] [FR Doc. 2019–19487 Filed 9–9–19; 8:45 am] DEPARTMENT OF TRANSPORTATION Federal Highway Administration BILLING CODE 8011–01–P Notice of Final Federal Agency Actions on Proposed Highway in California SURFACE TRANSPORTATION BOARD AGENCY: [Docket No. EP 552 (Sub-No. 23)] Railroad Revenue Adequacy—2018 Determination Surface Transportation Board. Notice of decision. AGENCY: ACTION: On September 5, 2019, the Board served a decision announcing the 2018 revenue adequacy determinations for the Nation’s Class I railroads. Three carriers (CSX Transportation, Inc., Soo SUMMARY: khammond on DSKBBV9HB2PROD with NOTICES Decided: September 4, 2019. By the Board, Board Members Begeman, Fuchs, and Oberman. Kenyatta Clay, Clearance Clerk. 5 See Letter from Gerald D. O’Connell, SIG— Compliance Coordinator, dated August 19, 2019, available at https://www.sec.gov/comments/sr-cboe2019-035/srcboe2019035.htm. 6 15 U.S.C. 78s(b)(2). 7 15 U.S.C. 78s(b)(2)(A)(ii)(I). 8 17 CFR 200.30–3(a)(31). VerDate Sep<11>2014 16:56 Sep 09, 2019 Jkt 247001 Federal Highway Administration (FHWA), DOT. ACTION: Notice of Limitation on Claims for Judicial Review of Actions by the California Department of Transportation (Caltrans). The FHWA, on behalf of Caltrans, is issuing this notice to announce actions taken by Caltrans that are final. The actions relate to a proposed highway project, Interstate 805/Palm Avenue Interchange Improvements in the County of San Diego, State of California. Those actions grant licenses, permits, and approvals for the project. DATES: By this notice, the FHWA, on behalf of Caltrans, is advising the public of final agency actions subject to 23 U.S.C. 139(l)(1). A claim seeking SUMMARY: PO 00000 Frm 00155 Fmt 4703 Sfmt 4703 judicial review of the Federal agency actions on the highway project will be barred unless the claim is filed on or before February 7, 2020. If the Federal law that authorizes judicial review of a claim provides a time period of less than 150 days for filing such claim, then that shorter time period still applies. FOR FURTHER INFORMATION CONTACT: For Caltrans: Bruce April, Deputy District Director—Environmental, California Department of Transportation—District 11, 4050 Taylor Street, MS 242, San Diego, CA 92110, 9 a.m.–5 p.m., (619) 688–0100, bruce.april@dot.ca.gov. For FHWA, contact David Tedrick at (916) 498–5024 or david.tedrick@dot.gov. SUPPLEMENTARY INFORMATION: Effective July 1, 2007, the FHWA assigned, and Caltrans assumed, environmental responsibilities for this project pursuant to 23 U.S.C. 327. Notice is hereby given that the Caltrans have taken final agency actions subject to 23 U.S.C. 139(l)(1) by issuing licenses, permits, and approvals for the following highway project in the State of California: The project proposes to improve the Interstate 805 and Palm Avenue interchange and would increase capacity at this Interchange to address the increase in local traffic that has occurred and is expected to occur in the future. The actions by the Federal agencies, and the laws under which such actions were taken, are described in the Final Environmental Assessment/ Finding of No Significant Impact (FEA/ FONSI) for the project, approved on June 28, 2019 and in other documents in the Caltrans’ project records. The FEA, FONSI, and other project records are available by contacting Caltrans at the address provided above. This notice applies to all Federal agency decisions as of the issuance date of this notice and all laws under which such actions were taken, including but not limited to: 1. Council of Environmental Quality Regulations (40 CFR 1500 et seq., 23 CFR 771); 2. National Environmental Policy Act (NEPA) of 1969, as amended, 42 U.S.C. 4321 et seq; 3. Federal-Aid Highway Act of 1970, (23 U.S.C. 109, as amended by FAST Act Section 1404(a), Pub. L. 114–94, and 23 U.S.C. 128); 4. Department of Transportation Act of 1966, Section 4(f); 5. Clean Water Act of 1977 and 1987 (33 U.S.C. 1251 et seq.); 6. Clean Air Act, as amended (42 U.S.C. 7401 et seq. (Transportation Conformity), 40 CFR part 93); 7. Endangered Species Act of 1973; 8. Executive Order 13112, Invasive Species; 9. Executive Order 13186, Migratory Bird Treaty Act; E:\FR\FM\10SEN1.SGM 10SEN1

Agencies

[Federal Register Volume 84, Number 175 (Tuesday, September 10, 2019)]
[Notices]
[Pages 47627-47628]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-19459]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86861; File No. SR-CBOE-2019-035]


Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of 
Designation of Longer Period for Commission Action on a Proposed Rule 
Change To Amend Rule 6.49A Concerning Off-Floor Position Transfers

September 4, 2019.
    On July 3, 2019, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe 
Options'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposal to amend Rule 6.49A concerning off-floor position transfers. 
The proposed rule change was published for comment in the Federal 
Register on July 23, 2019.\3\ The Exchange submitted Amendment No. 1 to 
its filing on August 6, 2019.\4\ The

[[Page 47628]]

Commission received one comment letter on the proposed rule change.\5\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 86400 (July 17, 
2019), 84 FR 35438.
    \4\ In Amendment No. 1, the Exchange removed the proposed change 
to permit off-floor risk-weighted assets (``RWA'') transfers. The 
exchange then filed that material as a separate proposed rule change 
filing. See Securities Exchange Act Release No. 86603 (August 8, 
2019), 84 FR 40460 (August 14, 2019) (SR-CBOE-2019-044). When the 
Exchange filed Amendment No. 1 to CBOE-2019-035, it also submitted 
the text of the amendment as a comment letter to the filing, which 
is available at https://www.sec.gov/comments/sr-cboe-2019-035/srcboe2019035-5917170-189047.pdf.
    \5\ See Letter from Gerald D. O'Connell, SIG--Compliance 
Coordinator, dated August 19, 2019, available at https://www.sec.gov/comments/sr-cboe-2019-035/srcboe2019035.htm.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \6\ provides that, within 45 days of 
publication of the notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day after publication of the notice for this proposed rule change 
is September 6, 2019.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission hereby is extending the 45-day time period for 
Commission action on the proposed rule change. The Commission finds 
that it is appropriate to designate a longer period within which to 
take action on the proposed rule change so that it has sufficient time 
to consider the proposed rule change, including the comment letter 
received on the filing.
    Accordingly, pursuant to Section 19(b)(2) of the Act,\7\ the 
Commission designates October 21, 2019 as the date by which the 
Commission shall either approve, disapprove, or institute proceedings 
to determine whether to disapprove, the proposed rule change (File No. 
SR-CBOE-2019-035).
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(2)(A)(ii)(I).
    \8\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-19459 Filed 9-9-19; 8:45 am]
 BILLING CODE 8011-01-P
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